(FDI)into the country grew by 37 per cent to USD 10.4 billion during the first quarter of the current fiscal, DIPP said today
According to the figures of the Department of Industrial Policy and Promotion (DIPP), India had received USD 7.59 billion FDI during April-June 2016-17
The main sectors which attracted the highest foreign inflows include services, telecom, trading, computer hardware and software and automobile
Bulk of the FDI came in from Singapore, Mauritius, thethe Netherlands and Japan
The government has announced several steps to attract foreign inflows
The measures include liberalisation of FDI policy and improvement in business climate
Foreign investments are considered crucial for India, which needs around USD 1 trillion for overhauling its infrastructure sector such as ports, airports and highways to boost growth
A strong inflow of foreign investments will help improve the country s balance of payments situation and strengthen the rupee value against other global currencies, especially the US dollar
The DIPP through its 'Make in India' twitter handle also stated that FDI equity inflow in manufacturing sector grew by 31 per cent to USD 4.19 billion during April-June this fiscal
FDI equity inflow in glass, Leather cement & gypsum products, sea transport, air transport, construction development, mining, sugar and medical & surgical appliances recorded five fold jump during the quarter
It added that since the launch of 'Make in India' initiative (October 2014 - June this year), foreign inflows jumped 64 per cent to USD 110.12 billion from USD 67.26 billion in the same period last year.
BJP president Amit Shah on Saturday said that India’s economy has become the fastest growing in the world after Prime Minister Narendra Modi came to power in 2014. “Under the leadership of Prime Minister Narendra Modi, the country’s economy has become the fastest growing economy in the world,” said Shah while addressing a function in Bhopal. Shah also blamed the previous UPA rule for putting the economy in a bad shape. During its rule the economy was in a state of paralysis and the development was stranded, said Shah
Speaking at a function to distribute certificates to meritorious students, Shah said that recognising the potential of the youth of the country, the government has launched schemes like Start-Up India, Stand-Up India and Skill India to provide forum to them. He said it was the responsibility of the youth to ensure development of the country as they comprise 65 per cent of the total young population. “Therefore, it is the duty of the government to provide a forum to the youth-power and their immense potential so that they can stand up to ensure the country’s development at the world level,” he said. The Modi-led government at the Centre has focused on skill development and started the ‘Skill India’ scheme, he said
Besides, to give wings to the youth potential, the government also launched Start-Up India and Stand-Up India schemes so that they get associated with the country’s development process, the BJP chief said. By taking advantage of these schemes, the youth of the country would be in a position to offer jobs rather than seeking it, he said. Shah said he sees immense potential in Chief Minister Shivraj Singh Chouhan’s meritorious students’ scheme and that it will give boost to the state’s development
“Shivraj’s government has framed schemes for the welfare of all sections of the society and ensured that its benefits reach to the bottom level. Because of this only, Madhya Pradesh had come out of the BIMARU (laggard) state category and is standing among the developed states,” he said.On the occasion, Chouhan said his government wants to create industrialists like Tata, Birla and Ambanis in the state and that is why his government is providing guarantee to the banks for providing loans to youth. The prime minister wants to make India a “vishwa guru” (world leader), he said, adding that his government is also making all possible efforts for it.
Source:- Indian Express
By 2047, when India celebrates its centenary of independence, the country will regain its preeminent position in the global economy.
In fiscal year 2016-17, which ended March 31, India’s GDP stood at $2.3 trillion. During the last three years, the Indian economy has grown 7.5 percent on average. This growth does not yet fully capture the positive effect of the reforms that the present government has introduced.
Therefore, as the economy absorbs the full impact of the reforms, growth is likely to accelerate. Indeed, if the policy regime continues to travel on the reform path chartered during the last three years, it is reasonable to expect that India would experience China-like growth in the forthcoming decades.
Against this background, we can expect the economy to grow at the compound rate of 7 percent to 8 percent in real dollars in the next three decades.
What would such growth mean?
At 7 percent compound rate of growth, by the 100th anniversary of independence in 2047, India would turn into a $17.5 trillion economy, almost as large as the United States today. At 8 percent, the Indian economy would be $23 trillion, substantially larger than the United States today.
With population predicted to be 1.58 billion in 2047 by the World Bank, per-capita income would rise to more than $11,000 if growth were 7 percent and more than $14,500 if it were 8 percent.
Of course, since the prices in India will remain significantly below those in the United States on average, in real terms (what economists call in “purchasing-power-parity” terms), these incomes will be even higher than these magnitudes suggest.
At these high incomes, even taking into account income disparities that are likely to remain, India can be expected to be able to nearly eliminate extreme poverty by 2047. Moreover, a significant part of the population should be able to afford the major amenities of life such as two-wheelers or cars, air-conditioning, refrigerators, TVs, smartphones and other consumer goods that would have been invented by then.
Each of India’s citizens can also expect to have access to decent healthcare and education. Even by conservative estimates, more than half of the population by 2047 would be urban, which means that nearly 800 million people would be living in urban areas by that year. In comparison, the entire population in the United States today is 323 million.
It is reasonable hypothesize that by 2047 India and China would nearly recover the preeminent position in the global economy that they had enjoyed till the beginning of the Industrial Revolution.
MELBOURNE: Indian visitors are expected to contribute 1.9 billion dollars to the Australian economy by 2020, Australia's Trade Minister said, describing India as an important trade and investment partner.
For the year-ending March 2017, Australia welcomed 274,500 visitors from India, 15.3 per cent more than the previous year, Steve Ciobo said.
During the same period Indian visitors spent more than 1.3 billion dollars in Australia, making it the eighth largest market for Australia in terms of money spent by travellers, Ciobo said.
The minister said that India was a growing and important tourism market for Australia and Indian visitors were expected to be worth 1.9 billion dollars to the Australian economy by 2020.
The minister stressed that the Government of Prime Minister Malcolm Turnbull recognised the importance of the Indian market to Australia's tourism industry which prompted the implementing of online visa applications. The government was also piloting a three-year, multiple entry visitor visas.
"Tourism is also one of the key sectors for the India Economic Strategy, commissioned by Prime Minister during his visit to India earlier in the year, which will look at opportunities to grow and diversify Australia's economic relationship with India over the coming years," he said.
Describing India as an important trade and investment partner for Australia, the minister said that he will lead a business mission to Australia Business Week in India, at the end of the month, which will promote Australian capability and expand Australia's trade, investment and education relationships.
The country has also roped in former cricket captain Michael Clarke to promote tourism and woo tourists to visit and experience the country from its key international markets.
Clarke will work with Tourism Australia (TA) to encourage people in our key international markets, especially India, to visit and experience Australia.
Clarke was made 'Friend of Australia' during TA's annual India Travel Mission last week in Pune.
Clarke's new role will include hosting events, media appearances and networking with travel agents and key tourism stakeholders to show the world why there is nothing like Australia.
Source:- Economic Times
Keen on boosting its prospects for the 2019 election+ , the alliance with Nitish Kumar will help BJP consolidate itself in UP and Bihar, dominating the Hindi heartland that accounts for 120 Lok Sabha seats
The re-alignment between BJP and JD(U) will increase NDA's clout but could also spur a reworking of relations within the remainder of the opposition where even bitter foes like SP and BSP might be tempted to joining hands to prevent being steamrollered by a saffron-led juggernaut
Left with Congress as an ally, RJD chief Lalu Prasad may also seek smaller partners like Jitan Manjhi who had defected from JD(U) to team up with BJP in a failed bid to unseat Nitish in 2015
Lalu may also try and pry Rashtriya Lok Samta Party leader Upendra Kushwaha from the NDA ranks
BJP and its allies won 31 of 40 seats in 2014 and party has been exploring ways to retain the numbers after the setback it suffered in November 2015 when a grand alliance o
Lalu-Nitish-Congress presented a caste coalition that proved too difficult to beat in the assembly polls
A presence in the new coalition and the new caste combination could energise the BJP ranks and help beat incumbency in 2019
After defeat in the 2015 assembly polls, BJP was concerned about its chances in the state which had played vital role in helping the party form the government at the Centre with a thumping majority.Break of the grand alliance also hurts the possibility of the regional satraps joining hands forming a larger regional alliance to combat the BJP under Modi.Lalu has repeatedly talked about "brokering" an alliance between Samajwadi Party and Bahujan Samaj Party in Uttar Pradesh.Lalu has repeatedly talked about "brokering" an alliance between Samajwadi Party and Bahujan Samaj Party in Uttar Pradesh.
Source: Times of India